Electric vehicles are touted for their environmental benefits. Consumers see economic benefits as well. This year, the U.S. Department of Energy launched the EV Everywhere Grand Challenge, to make electric vehicles as affordable to own and operate as today’s gas vehicles within the next 10 years.
At the same time, across the country, the popularity of hourly electricity pricing programs is spreading. Hourly pricing provides consumers with an option to pay the variable wholesale market rate for power, rather than a standard fixed rate that charges the same amount for power all the time. On an hourly pricing program, shifting electricity usage to lower priced hours can lower residential energy bills.
Many electric vehicle owners charge their cars at home. With hourly pricing, consumers pay less for electricity during off-peak times such as nights and weekends. By plugging in vehicles during these off-peak times, electric vehicle owners pay lower prices and reduce the overall cost of car ownership.
In Illinois, if you own an electric vehicle or are in the market for one, charging during off-peak times with ComEd Residential Real-Time Pricing and Ameren Power Smart Pricing are options available now. To understand just how much you can save with an electric vehicle and by plugging in at night, take a look at ComEd’s EV Cost Calculator (hint: it’s more than you might think).
Already charging smarter? Let us know how much you’re saving by charging your electric vehicle during off-peak times. We’d love to hear!
Image from Flickr user Melissa Hincha-Ownby.